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01-23-2008, 06:17 PM
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#1
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Recycles dryer sheets
Join Date: Sep 2006
Posts: 372
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5 Yr CD Rates @8.5%
A Co-worker showed me this today. 5 Yr CD ($100K min) at 8.5% at Millenium Bank - link below. What is the catch? My friend is coming into $400K - is afraid of the market because of past disasters - and is contemplating dumping all in Millenium.
Premium CD : Certified Deposit : Millennium Bank
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01-23-2008, 06:21 PM
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#2
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Jun 2002
Location: Texas: No Country for Old Men
Posts: 50,003
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Offshore bank, not FDIC guaranteed.
__________________
Numbers is hard
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01-23-2008, 06:29 PM
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#3
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Feb 2005
Location: Central MS/Orange Beach, AL
Posts: 9,067
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Boy, if we could get those kind of rates here, my stock allocation would be zero.
__________________
Retired 3/31/2007@52
Investing style: Full time wuss.
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01-23-2008, 07:03 PM
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#4
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Recycles dryer sheets
Join Date: Oct 2007
Posts: 332
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Run!
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01-23-2008, 07:15 PM
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#5
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Thinks s/he gets paid by the post
Join Date: Feb 2004
Posts: 2,670
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Do a search on this forum. We've talked about this "bank" before.
It's not FDIC insured and it's in a foreign country. Good luck with that.
__________________
No man is free who is not master of himself. --- Epictetus
Enjoy Yourself (It's Later Than You Think). --- Guy Lombardo
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01-23-2008, 07:55 PM
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#6
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Dec 2003
Location: Losing my whump
Posts: 22,708
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Hey, its a 100% gain for whoever ends up grabbing your money!
You can get about 8.5% right now with vanguards high yield bond fund. Much better chance of your principal remaining intact as well...
__________________
Be fearful when others are greedy, and greedy when others are fearful. Just another form of "buy low, sell high" for those who have trouble with things. This rule is not universal. Do not buy a 1973 Pinto because everyone else is afraid of it.
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01-23-2008, 10:52 PM
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#7
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Thinks s/he gets paid by the post
Join Date: Oct 2005
Posts: 2,203
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i dont understand the tax rams. of a taxable bond fund in say a roth or SIMPLE IRA. Can someone elaborate on this...esp if held in a SIMPLE IRA which is tax deductible
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01-24-2008, 01:15 PM
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#8
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Recycles dryer sheets
Join Date: Nov 2007
Posts: 170
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When I was visiting Jamaica, I heard of this company called Cash Plus that offered 10%+ interest, but (of course) it turned out to be a pyramid scheme. Since November, they haven't been able to pay investors. Most of the people there are poor to start with, and now they have nothing.
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01-24-2008, 01:17 PM
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#9
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Give me a museum and I'll fill it. (Picasso) Give me a forum ...
Join Date: Mar 2003
Posts: 18,085
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Quote:
Originally Posted by thefed
i dont understand the tax rams. of a taxable bond fund in say a roth or SIMPLE IRA. Can someone elaborate on this...esp if held in a SIMPLE IRA which is tax deductible
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Inside an IRA of any flavor, you pay no taxes on the bond interest until you make a withdrawal from the IRA. With a Roth, you don't pay taxes then, either. Its a great place to put tax inefficient investments.
__________________
"All animals are equal, but some animals are more equal than others."
- George Orwell
Ezekiel 23:20
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01-25-2008, 09:10 PM
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#10
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Thinks s/he gets paid by the post
Join Date: Oct 2005
Posts: 2,203
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Quote:
Originally Posted by brewer12345
Inside an IRA of any flavor, you pay no taxes on the bond interest until you make a withdrawal from the IRA. With a Roth, you don't pay taxes then, either. Its a great place to put tax inefficient investments.
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Thanks brewer
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